Why more UK consumers will buy Gap Insurance away from the motor dealer

The recent FCA report on the General Insurance ‘add on’ market in the UK did provide some fantastic insight into the motor Gap Insurance market. It was stated that the Gap Insurance market is worth around £150 million per annum in the UK. If we assume that the average premium for the product is £300 then that would mean around 500,000 Gap policies may be sold each year. For a product that is often poorly understood then that is quite some figure! FCA Gap Insurance concerns The FCA highlighted that the current system in which Gap Insurance is sold,...

Read More